Tag: Bank of Ghana
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Banks charged between 14%-42% on loans from Jan-Oct. 2019 – BOG
Available data from the Bank of Ghana indicates that banks in the country charged as low as 14 percent as interest for loans given to households from January to October this year. 42 percent also happens to be the highest interest rate charged for loans given to households over the same period. These were captured…
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Local firms lack capacity to print currency notes — Bank of Ghana
The Head of Currency Management at the Bank of Ghana, John Gyamfi, says the Central Bank for the foreseeable future will continue to print Ghana’s currency notes with well-proven and trusted international companies as local companies lack the capacity to execute such jobs. The comment follows the revelation that the newly introduced GH¢200 and GH¢100…
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Gov’t committed to strengthening rural banks – ARB APEX Bank
The Deputy Managing Director of ARB APEX Bank, Mr. Alex Kwasi Awuah, has reassured Ghanaians of government’s commitment to strengthening rural and community banks amidst the ongoing financial sector reforms. Mr. Awuah said the Bank of Ghana (BOG) is collaborating with the APEX Bank, the sole regulatory institution of rural banks, to put effective mechanisms…
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OmniBSIC bank completes integration process after merger
Executive Director of OmniBSIC Bank, Philip Oti-Mensah, says the bank has been able to seamlessly integrate the operations of the two banks that were merged to form OmniBSIC. After the banking sector cleanup in 2018, the Bank of Ghana approved a merger between OmniBank and Sahel Sahara Bank, to help the new entity meet the…
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BoG moves to ensure banks don’t pass on operational inefficiencies as high lending rates
The Governor of the Bank of Ghana Dr. Ernest Addison has said the bank is putting in place measures to streamline the remuneration of banks’ employees as a way of curtailing inefficiencies in the sector which is passed on to consumers in the form of high lending rates. “Bank of Ghana will work closely with…
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New cedi denominations won’t affect cashless agenda – Hubtel CEO
The introduction of the new cedi denominations by the Bank of Ghana, will have little or no impact on government’s drive towards a cashless economy. That’s according to Alex Bram, the CEO of Hubtel Ghana, an e-Commerce platform, . Government has targeted 2020 to migrate all state-owned institutions to cashless systems from the manual receipt of monies…
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New Ghana cedi denominations won’t lead to inflation – Ebo Duncan
An Economist and former Head of Economic Statistics at the Ghana Statistical Service, GSS, Dr. Ebo Duncan, has downplayed suggestions that the newly introduced Ghc200 and Ghc100 notes, as well as the Ghc2 coin by the Bank of Ghana, will increase the prices of goods and lead to inflation. The Governor of the Bank of…
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New Ghana cedi denominations could cause inflation- Economist warns
Financial Economist, Dr. Lord Mensah, has stated that the introduction of the new Ghana Cedi notes by the Bank of Ghana, is likely to increase the prices of goods and lead to inflation. “For me, I think it has the tendency of causing inflation because anytime you are pricing, you will look for the minimum…
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New GH¢100, GH¢200 notes will not be available in ATMs — Bank of Ghana
The Bank of Ghana says the new GH¢100 and GH¢200 notes to be issued will be limited in circulation as it will be restricted to high-value transactions and will not be dispensed by ATMs. The central bank in justifying its decision to introduce the higher denominations explained that the structure of banknotes denomination has changed…
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Bank of Ghana introduces new Ghc200, Ghc100 notes
The Bank of Ghana has introduced GH¢100 and GH¢200 notes to the country’s currency denomination mix. It has also introduced a GH¢2 coin. This was announced by the Governor of the Central Bank, Dr. Ernest Addison at a press conference in Accra on Friday. Explaining the rationale for these new denominations, the Governor said the…